Di­vide and con­quer

Herald Sun - Property - - MARKET WRAP -

While both buy­ers in­tend to de­velop and rent, home­buy­ers con­tinue to dom­i­nate Mel­bourne’s mar­ket this au­tumn, ac­cord­ing to WBP Prop­erty’s Gre­ville Pabst.

Mr Pabst said in­vestors now made up about one-third of buy­ers, while down­siz­ers ac­counted for the largest group of owner oc­cu­piers.

He said de­mand was grow­ing in in­ner and mid­dler­ing sub­urbs.

“De­mand is so high many typ­i­cally shrewd buy­ers in the city’s east­ern sub­urbs are be­com­ing less dis­cern­ing when se­lect­ing prop­erty, sim­ply to get a hold in the mar­ket,” he said.

Two weeks of higher vol­umes re­sulted in Mel­bourne’s auc­tion clear­ance rate slip­ping to a pre­lim­i­nary 70.6 per cent af­ter 1218 prop­er­ties went to mar­ket last week.

While Mel­bourne moves into party mode this week­end for the Moomba Fes­ti­val, 350 prop­er­ties are still set to go un­der the ham­mer.

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